Sukanya Samriddhi Yojana: – Under the Government Scheme 2023, you do not need to worry now. If you are from a normal intermediate (small savings) family, then you do not have to worry about your daughter’s education and marriage at all. The government comes up with many schemes from time to time to help you, we are going to tell you about one such government scheme which will remove all your concerns.
The name of the scheme we are talking to you about is Sukanya Samriddhi Yojana. This scheme has been started by the government especially for the people with small savings, if you also want to be free from the worry of your daughter’s marriage and education, then this scheme is for you, you can join this scheme without delay.
Key features of Sukanya Samriddhi Yojana 2023
| rate of interest | 7.6% per annum {1st quarter, fiscal year (2022-23). |
| Maturity Period | 21 years or until the girl turns 18 years old. |
| Minimum deposit amount | Rs. 250. |
| Maximum deposit amounts | Up to 1.5 lakh in a financial year. |
| Ability | Parents or legal guardians of a girl child of 10 years of working age are eligible to open an account of Sukanya Samriddhi Yojana in the name of the girl child. |
| Income tax exemption | Exemption under Section 80C of the Income Tax Act, 1961 (maximum Rs 1.5 lakh in a year). |
what is Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a government sponsored savings scheme in India that aims to provide financial security for the girl child. The scheme was launched in 2015 as part of the “Beti Bachao, Beti Padhao” campaign, which aims to improve the welfare and education of girls in India.
Under the Sukanya Samriddhi Yojana, parents or guardians of a girl child aged 10 years or below can open a savings account in the girl’s name. The account can be opened at any branch of a public sector bank, or at a designated post office. Deposits can be made into the account until the girl reaches the age of 18, and the deposits earn a fixed interest rate that is set by the government. The account also offers tax benefits to the depositor.
The funds in the Sukanya Samriddhi Yojana account can be used for the girl’s education and marriage expenses when she reaches the age of 18. The account can be closed before the girl reaches 18, but a penalty may be imposed for early closure. Overall, the Sukanya Samriddhi Yojana is a useful tool for parents and guardians who want to save for their daughter’s future and ensure that she has the financial resources to pursue her education and other goals.
the main moto to introduce Sukanya Samruddhi Yojana
The main objective of the Sukanya Samriddhi Yojana is to provide financial security for the girl child and promote the education and empowerment of girls in India.
By encouraging parents and guardians to save for their daughter’s future, the Sukanya Samriddhi Yojana aims to provide girls with the financial resources they need to pursue their education and other goals. It also helps to promote the education and empowerment of girls in India, which can have a positive impact on the country’s overall development.
In addition to promoting the education and empowerment of girls, the Sukanya Samriddhi Yojana also offers a secure and stable investment option for parents and guardians who want to save for their daughter’s future. The scheme offers a fixed interest rate that is set by the government, and the deposits are eligible for tax deductions under the Income Tax Act.
Eligibility criteria to open a Sukanya Samriddhi Yojana Account
- The scheme is open to all Indian citizens, including NRIs (non-resident Indians). However, the account can only be opened in the name of a girl child who is a resident of India.
- To open a Sukanya Samriddhi Yojana Account girl child aged should be10 years or below.
- Only one Sukanya Samriddhi Yojana account for a girl child can be opened.
- Only two girls can open an account by a family. (Means that only two daughters of a family can take advantage of this scheme.
- Sukanya Samriddhi Account can be opened for more than two girls in the below special cases: – When a girl child is born before the birth of twin or triplet girls or if triplets are born at first, then a third account can be opened. When a girl child is born after the birth of twin or triplet girls, a third SSY account cannot be opened.
Sukanya Samriddhi Yojana age limit and maturity period
- Under the Sukanya Samriddhi Yojana, parents or guardians of a girl child aged 10 years or below can open a savings account in the girl’s name.
- The account can be opened at any branch of a public sector bank, or at a designated post office.
- Any girl child who is a resident Indian is a beneficiary under Sukanya Samriddhi Yojana from the time of opening the account till the time of maturity/closure
- Sukanya Samriddhi Yojana, the maturity period is 21 years or until the girl turns 18 years old.
Required document to open Sukanya Samriddhi yojana
- Birth certificate of the girl child: This is required to prove the age of the girl child.
- Proof of identity of the parent or guardian: This can be a copy of your PAN card, Aadhar card, voter ID, or passport.
- Proof of residence of the parent or guardian: This can be a copy of your electricity bill, water bill, telephone bill, or any other government-issued document that shows your address.
- Passport-sized photograph of the girl child and the parent or guardian: This will be used to issue a passbook for the Sukanya Samriddhi Yojana account.
- in addition to these documents, you will also need to fill out a Sukanya Samriddhi Yojana application form, which is available at the bank or post office where you are opening the account. The form will require you to provide details such as the name and address of the girl child, the name and address of the parent or guardian, and the contact details of the parent or guardian.
Once you have gathered all the necessary documents and completed the application form, you can visit a bank or post office to open the Sukanya Samriddhi Yojana account. The bank or post office will verify the documents and process the application. Once the account is opened, you will receive a passbook that you can use to track your deposits and interest earned.
Advantages of the Sukanya Samriddhi Yojana
- One of the main advantages of the Sukanya Samriddhi Yojana is that it offers a secure and stable investment option for parents and guardians who want to save for their daughter’s future.
- The scheme also helps to promote the education and empowerment of girls in India, which can have a positive impact on the country’s overall development.
- The Sukanya Samriddhi Yojana account can be transferred to any branch of a public sector bank or a designated post office within India. It can also be transferred to a different guardian if the original guardian is no longer able to manage the account.
- If someone is unable to deposit a minimum amount of Rs 250 in Sukanya Samriddhi Yojana, then his account will be called default account. But this default account will also continue to get the applicable interest till the date of maturity.
- A girl child can manage an account after the age of 18 years. After 18 years of age, she can operate the Sukanya Samriddhi Yojana account after submitting all the necessary documents to the post office / bank where she has an account.
- If the girl is above 18 years of age or after she has passed 10th, up to 50% of the money can be withdrawn from the account for further studies. Money can be received simultaneously or in installments.
- Deposits into the Sukanya Samriddhi Yojana account can be made through cash, cheque, or demand draft.
- Deposits can also be made through electronic modes such as net banking, NEFT, or RTGS.
- The Sukanya Samriddhi Yojana account can be closed before the girl reaches the age of 18, but a penalty may be imposed for early closure.
- The Sukanya Samriddhi Yojana can also be closed after the girl reaches 18, but the funds can only be used for the girl’s education or marriage expenses.
Tax benefits of Sukanya Samriddhi Yojana
Deposits into the Sukanya Samriddhi Yojana account are eligible for tax deductions under Section 80C of the Income Tax Act. The interest earned on the deposits and the maturity amount are also tax-free.
How much will be available on depositing 1000, 2000, 3000 months in Sukanya Samriddhi Yojana.
Sukanya Samriddhi is a government savings scheme designed for a better future for daughters and to help their parents. In this scheme, you can arrange up to 64 lakh rupees by depositing a little money.
How much will you get on depositing 3000 months in sukanya samriddhi yojana calculator.
If you deposit Rs 3000 a month, then the current interest rate is 7.6% of the total deposit of one year is Rs 36,000.
The total amount of the total deposit on depositing money for 15 years – Rs 5,40,000.
Total deposits on depositing money for 21 years – Rs 2,52,000.
On depositing money for 21 years, the money will be refunded by adding the total deposit + total interest – 15,27,637.
How much will you get on depositing 2000 months in sukanya samriddhi yojana calculator.
If you deposit Rs 2000 a month, then the current interest rate is 7.6% of the total deposit of one year is Rs 24000.
Total deposit of rs 3,60,000 on depositing money for 15 years.
Total deposits on depositing money for 21 years – Rs 2,52,000.
On depositing money for 21 years, the money will be refunded by adding the total deposit + total interest – 10,18,425.
How much will you get on depositing 1000 months in sukanya samriddhi yojana calculator.
If you deposit Rs 1000 a month, then the current interest rate is 7.6% for the total deposit of one year is Rs 12,000.
The total amount deposited after depositing money for 15 years – Rs 1,80,000.
Total deposits on depositing money for 21 years – Rs 2,52,000.
On depositing money for 21 years, the money will be returned by adding the total deposit + total interest – 5,09,212.
Why was Sukanya Samriddhi Yojana launched?
Sukanya Samriddhi Yojana is a savings scheme supported by the government for the benefit of the girl child. It is a part of the “Beti Bachao, Beti Padhao” scheme.
Where can I open an account of Sukanya Samriddhi Yojana?
This account can be opened in the bank and post office.
How much will you get on depositing 3000 months in Sukanya Samriddhi Yojana?
On depositing money for 21 years at the rate of Rs 3000 a year, the money will be refunded by adding the total deposit + total interest – 15,27,637.
How much will you get on depositing 2000 months in Sukanya Samriddhi Yojana?
On depositing money for 21 years at the rate of Rs 2000 a year, the money will be refunded by adding total deposit + total interest – 10,18,425.
How much will you get on depositing 1000 months in Sukanya Samriddhi Yojana?
On depositing money for 21 years at the rate of Rs 1000 per year, the money will be refunded by adding the total deposit + total interest – 5,09,212.
1 thought on “Sukanya Samriddhi Yojana (SSY) – Interest Rate 2023, Tax Benefits, Eligibility, Age Limit & Other Details”